Abstract: The key to the reform of stock issuance registration system is to open the market access, simplify the issuance procedures, improve the issuance efficiency and endow the fair rights of stock financing to the enterprises. However, when the standard of stock issuance and the substantive examination right of the regulators are canceled by law, the government protection of investors at the stage of stock issuance will be weakened objectively. Therefore, in order to protect the interests of investors, maintain the stability of securities markets and safeguard the market competition order, while weakening the issuance review, laws should be applied to strengthen the premarket notification and value judgment of shares, set up standards for share floatation and institutional rules different from those under the model of issuance checking against the characteristics of registered issuance, endow the substantive examination right and choice right to the stock exchanges, and realize the complementary screening of the stock value issued by registration through a series of mandatory and flexible index and strict rules, so as to prevent the flaws, risks and frauds ignored during the process of issuing from extending to the trading period.

Key words: registration issuing; listing rules; system paradox; standard correction; substantive examination